India’s induction furnace (IF) steel market saw dull response at prevailing offers. Prices decreased by up to INR 1,000/tonne, d-o-d on 11 November, 2022.
Sponge iron offers dropped by INR 150-500/t. The highest decline was seen in the eastern region’s Jharsugda and Durgapur market.
Meanwhile, billets prices fell in the range of INR 100-800/t across regions, with the maximum fall seen in the Hyderabad billet market.
Also, rebar (Fe 500) offers edged down by INR 100-1,000/t across regions. The highest drop of INR 1,000/t was seen in central regions Raigarh market.
Slow demand was observed across semi-finished and finished long steel segments. Trading activities were limited due to highly volatile sentiments, with the bearish outlook holding out due to lack of participation in the market, SteelMint notes.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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